While it's not entirely common with paniculatas (it is with oakleafs), holding old foliage through winter can happen, especially in a location that is out of the wind or otherwise sheltered. No big deal :-) The old leaves will fall off when the new leaves emerge. Plants that have not been in the ground very long - a season or two - are very easily transplanted. Best to do so while they are still pretty much dormant. I'd plan on as soon as your soil is workable.

I'll leave someone in a colder zone to address the 'Blue Billows' question :-)

Thanks gardengal, I forgot to mention, 'Pee Wee' is a dwarf oakleaf. I am relieved to find this is not uncommon. :0)

LOL!! I read that to be 'Pee Gee', not 'Pee Wee'! Think I needed more coffee when I read/answered that :-) In that case, it is entirely normal and very typical of all oakleaf hydrangeas. My 'Little Honey' is still holding all her old foliage.